Finance Minister gives the Financial Services Ombudsman the power to name and shame financial service providers

Finance Minister Michael Noonan today signed a Statutory Instrument commencing section 72 of the Central Bank (Supervision and Enforcement) Act 2013.

The Minister stated:

I have given the Financial Services Ombudsman the power to name financial service providers who have at least three complaints against them substantiated. This additional provision will mean that financial service providers who are failing their customers will be publically identified and incentivised to make real improvements. The section will come into effect on 1st September.

The Minister stated that the Financial Services Ombudsman was consulted on the provisions of the legislation during its preparation and its passage through the Oireachtas.

The Minister understands that the Ombudsman intends to publish his first report with these details early in 2014.